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Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
 This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, ranging from MRs to VLs, changing hands, an increase of around 21% compared to the same period last year.
After a strong start in the first quarter, the freight market went through a significant softening particularly in the case of the crude carriers while the smaller/clean sizes performed significantly better. Overall sentiment remains bullish for the rest of the year, both in terms of freights as well as asset values. On the chartering side we see owners having high ideas for long term period charters and on the S&P front we see most ships being sold at a premium over last done.
Firm interest can be observed in the MR tanker segment, with a lot of ships changing hands during the past couple of months. Recently, we had the sale of MT High Sun (Hyundai Vinashin 50k 2014) for $28.7m to Ditas from Turkey; a firm price compared to the March reported sale of the same age/quality Korean built MRs that Glencore sold to JP Morgan for $27.5m (MT Alpine Mary & Alpine Maria, SPP 50k 2014). On the 10-year old ships, after the sales of the MT Unique Explorer (Onomichi 50k 2010) that was sold to Palonji Shipping from India for $17.5m and the Japanese owned MT Fidelity II (Iwagi 47k 2011) that was sold for $18.25m to Maersk Tankers last month, we see a handful of buyers that are looking for similar units and willing to go the extra mile to put their hands on fresh tonnage.
Hence we expect the bullish buyers to remain active and asset values to move further north as a result. On the Japanese 15 year old pumproom ships with surveys due, we also had the sales of the MT High Power (Naikai 47k 2004) and the MT Uacc Strait (Shin Kurushima 46k 2004) for $8.6m and $8.75m respectively and expect to see more vessels being sold soon. Finally we note that Sinokor’s Korean deepwell ships, the MT Security and the MT Tenacity (Hyundai 47k 2004) were sold for $9.75m basis surveys passed.
Regarding Aframax and VLCCs, what depicts the bullish sentiment in today’s S&P market is the lack of 10 year old or younger quality tonnage available for sale with several buyers waiting to compete over the next candidate. We note the sale of the MT Maersk Jeddah and the MT Maersk Jamnagar (Sumitomo 105k 2011) committed at a firm price of $30.3m each, potentially to Greek buyers whose main interest is in the dry bulk shipping market. The auction of the MT Brightoil Lion (Tsuneishi 107k 2010) and the MT Brightoil Grace (Hyundai 320k 2013) that were recently under the hammer also drew a lot of attention. What is noticeable is that although auction sales usually attract interest due to the nature of the sale being distressed, several large tanker owners offered healthy prices, with the VLCC being sold for $61.5m, while 10 parties offered on the Aframax that is rumored sold at region $26m.
All in all, activity is high, sentiment remains bullish and many owners argue that the healthy SnP market we experienced in 2019 is just the beginning of the so called “IMO Story” that has started to play out and will come in full effect coming into Q4 2019.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
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